This article is sponsored content brought to you by Greencross Vets.
Practice ownership can be exciting for some, but for vets that don’t have the opportunity to purchase a practice or are hesitant to outlay finances there are other options available. We heard from some senior veterinarians who are enjoying holding profit share in their practice without the risks of outright ownership.
Dr. Robert Van Drimmelen Vet Director at Greencross Vets Robina remembers how it all started for him:
“I had spent some time in my practice, liked the locality and didn’t want the challenges of building a practice from the ground up. In order to purchase an existing practice, I would have had to sacrifice quite a lot and relocate and there were added risks I was keen to avoid. The fairly seamless transition from Vet Associate to Vet Director and Business Agreement (BA) holder in a successful practice that I helped establish, made a BA agreement very attractive”.
Rob has appreciated support along the way “With a fulltime practice manager, and upper levels of management to assist, I have been freed up enormously to spend most of my time doing what I love as a clinical Vet. I feel my workload is significantly less than my colleagues who work tirelessly to run their own practices. My team have the liberty to tailor the fine tune running of the practice according to our ideal protocols and procedures, which helps us feel comfortable and confident in our workplace. We have a lot of freedom to practice our craft the way we want to!”
Rob has advice for aspiring practice owners “With options of being a sole charge owner in a private practice or a BA holder in a multi-vet practice, I would encourage the latter as there will be a less stressful future. I believe having a BA gives you the best of both worlds. The ability to share in practice profits but not at the expense of the added stress of running your own practice outright”.
Dr. Nick Taylor Vet Director at Greencross Vets Roseville shares his journey:
“My BA partnership allowed me to take a financial stake in a business for a fraction of the cost required to start my own, with the potential for a share of profits immediately, rather than waiting for a business to mature and clear its start-up debts.”
“My team and clients responded positively to a leader with skin in the game and business has developed tremendously. My profit share paid off my investment in the programme within a year and it has been clear profit ever since. The old adage rings true: the best investment you can make is in yourself.”
Nick recalls the support he has enjoyed “I have been a practice owner in the past and the capacity to have Greencross Support Office take over the minutiae and tedium of actually running a business frees me up to focus on what I do best – delivering excellent health care outcomes for pets and their owners and really share their health journey. And it helps when your major partner is an accountant, legal and ethical advisor, HR guru, business analyst, education provider, buyers group advocate, marketing legend, E-Commerce maestro, IT Nerd and financial lender – on tap, all the time!”
“Greencross also has a world class training and education programme that has enabled me to undertake procedure-specific education in techniques that are new to our practice, such as advanced ultrasonography and endoscopy, which I have really enjoyed. With Greencross, you can take this journey with less financial exposure, but with the same opportunity for reward with exceptional support from an industry leader that is equally vested in your success.”
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